2646 South Loop West

 

SouthLoop1   SouthLoop2

The challenge

2646 South Loop West Office Building was a distressed asset resulting from deferred maintenance and damage from Hurricane Ike. Short term leases, many nonpaying tenants, lack of essential services, air conditioning, elevators, roof, all presented many issues to overcome.

The strategy

Expose the asset to as many potential buyers as possible. Fully disclose all known problems. Inform all potential buyers that ownership was controlled by United States Bankruptcy Court as such sale process would be at court's timing.

All cash Buyer was secured that understood the asset and the complexity of work with the Bankruptcy court. Closing occurred within 10 days following Bankruptcy Court approval.

The results

All cash transaction was negotiated and closed within 10 days, following Bankruptcy Court approval.